New Jersey’s 1ST Constitution Bancorp has completed the acquisition of Shore Community Bank bolstering its presence in the region.
Under the agreement, Shore Community Bank merged into 1ST Constitution Bancorp-subsidiary 1ST Constitution Bank.
The combined lender, with around $1.3bn in assets, operates 26 branches in Central New Jersey.
1ST Constitution president and CEO Robert Mangano said: “We are very excited about the expected benefits of the merger for our customers and shareholders.
“The expansion into Ocean County should provide additional lending and deposit gathering opportunities for us.
“We also believe that the merger will enable us to better serve our combined customer base and create long term value for our shareholders.”
Shore Community Bank acquisition: Background
In June this year, 1ST Constitution Bancorp signed a definitive agreement to acquire Shore Community Bank through a cash-and-stock deal.
Upon deal closure, every Shore Community Bank shareholder received either $16.50 in cash, or 0.8786 of a share of 1ST Constitution common stock, or a combination of cash and 1st Constitution common stock for each share held.
At the time of the announcement, the transaction was valued at $53.1m.
Established in 1989, 1st Constitution Bank is a state chartered commercial bank. It offers consumer and business banking services.